Copper futures settled lower on Thursday after the US consumer price index jumped 9.1 percent year-on-year in June, the biggest rise in over 40 years. Meanwhile, investors are betting that the Federal Reserve will continue its aggressive tightening in the near-term with another 75bp hike in July, perhaps even by 100bp to combat rising inflation. Strong US dollar also adding pressure on copper prices.
Copper futures for September delivery lost $0.1110 to settle at $3.2115 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 2.12 percent at $7,170 a ton.